Are you Interested in Purchasing a 2nd Home?

Did you know you may be able to purchase a 2nd home with as little as 5% down payment?  I have recently found several inquires involving questions with respect to minimum down payment requirements.  Most people are of the opinion that there is a minimum down payment requirement of 20% which puts this option out of a reach for most.  That is not the case. 

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I recently arranged a mortgage for a client who wanted to help her daughter and son in law get into a new home, but they could not qualify for the mortgage on their own, we did a new house purchase with 5% down.  

 

I also assisted some other clients in purchasing a vacation home that they can enjoy with their family.  These clients used their Home Equity Line of Credit to come up with the minimum 5% down payment requirement.

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I have a number of lenders who offer mortgages under their 2nd Home Program.  Below are just some of the benefits to this program.

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Please note subject property must be owner occupied. Related family members in most cases satisfy the requirements for owner occupied.

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Quick Facts - Benefits

• Purchase a home with as little as 5% (must be below $500,000, otherwise 10% of everything over $500,000 for a down payment)

• Access to the lenders best rates, so won’t be penalized

• Exercise the lenders pre-payment privileges to pay down your mortgage faster

• Can you your existing homes equity to come up with the down payment

• Purchase a vacation home

• Purchase a home for your children

• Turn your current home in to a rental so you upgrade your house